Phoenix Media Investment SEHK 2008 Loss Deepens In 2025 H1 Challenging Gradual Turnaround Narrative

Phoenix Media Investment (Holdings) (SEHK:2008) has just reported FY 2025 first half revenue of HK$873.7 million with a basic EPS loss of HK$0.41, while trailing 12 month figures show revenue of HK$2.1 billion and a basic EPS loss of HK$0.45. Over recent periods, the company has seen revenue move from HK$1,042.7 million in 2024 H1 to HK$1,192.4 million in 2024 H2, with basic EPS losses of HK$0.37 and HK$0.14 respectively. This gives you a clearer line of sight on how sales and per share losses are tracking into the current year. Set against this backdrop of ongoing losses and a stabilising top line, the latest results keep the focus on whether Phoenix Media can tighten costs and defend margins from here.

See our full analysis for Phoenix Media Investment (Holdings).

With the headline numbers in place, the next step is to see how this earnings print lines up against the widely followed narratives around Phoenix Media's long term prospects and risk profile.

Curious how numbers become stories that shape markets? Explore Community Narratives

Losses stay in the HK$200 million range

• For 2025 H1, Phoenix Media reported net income excluding extra items of a HK$205.3 million loss, compared with a HK$184.5 million loss in 2024 H1 and a HK$68.1 million loss in 2024 H2, so recent half year results sit in a similar HK$200 million loss range to the prior first half.
• What stands out for a bearish view that focuses on ongoing losses is that trailing 12 month net income excluding extra items is a HK$226.8 million loss while five year data shows losses decreasing at about 24.3% per year. Critics therefore need to balance the current lack of profit against a longer trend of smaller losses:
  • Bears highlight that basic EPS was a HK$0.41 loss in 2025 H1 and a HK$0.37 loss in 2024 H1, which keeps attention on earnings staying in loss territory over multiple periods.
  • That same bearish angle is partly challenged by the trailing 12 month basic EPS loss of HK$0.45 sitting inside a five year pattern of reduced losses, so the picture is not a simple straight line of worsening results.

TTM revenue holds above HK$2.0b

• The trailing 12 month revenue figures come in at HK$2.1b for the latest period, compared with HK$2.1b and HK$2.2b at the two prior trailing checkpoints, which keeps the top line in a fairly tight band a little above HK$2.0b.
• Supporters looking for a bullish angle on the business footprint often point to this multi billion revenue base alongside shrinking losses over five years, and the data offers some backing but also some pushback:
  • The bullish idea that the franchise has scale is consistent with revenue sitting around HK$2.0b across the last three trailing periods rather than dropping sharply.
  • At the same time, the presence of a HK$226.8 million trailing 12 month loss shows that a revenue base above HK$2.0b on its own has not yet translated into profitability, which keeps a check on a simple bullish story.

P/S at 0.5x and DCF gap

• Using the current share price of HK$1.90 and trailing 12 month revenue, Phoenix Media trades on a P/S of 0.5x versus a Hong Kong media industry average of 1.1x and a peer average of 2.3x, and the provided DCF fair value of HK$10.04 per share sits well above the current price.
• For a bullish valuation narrative that leans on potential mispricing, these figures are central, yet they also sit alongside the loss profile outlined above:
  • The wide gap between the HK$1.90 share price and the HK$10.04 DCF fair value, plus the lower 0.5x P/S compared with industry and peers, heavily supports the bullish claim that the market is pricing the stock cautiously relative to its estimated cash flows and sales.
  • However, the fact that the company remained unprofitable over the trailing 12 months means that anyone leaning on the bullish valuation case also needs to factor in that the current multiples are attached to a business that has not yet produced positive earnings in the latest period.

Some investors will want to go deeper into how those valuation signals stack up against the full earnings history and balance sheet, rather than just the headline P/S and DCF figures, before deciding how to frame Phoenix Media in their portfolio thinking. Curious how numbers become stories that shape markets? Explore Community Narratives

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Phoenix Media Investment (Holdings)'s growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

With a mix of cautious and optimistic signals in these results, it helps to look at the full picture yourself and move quickly to shape your own view using the 2 key rewards and 1 important warning sign.

Explore Alternatives

Phoenix Media is still posting HK$200m range losses and has not yet converted its HK$2.1b revenue base and low 0.5x P/S into profitability.

If you want stocks where solid earnings and balance sheets already back up the valuation story today, start comparing with the solid balance sheet and fundamentals stocks screener (382 results).

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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